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VOL. 12, ISSUE 12 (2025)
Impact of GST on the rise in the GST rate for essential goods
Authors
Kaushik Belpu
Abstract
The rise in the Goods and Services Tax (GST)
rate for essential goods could lead to inflationary pressures, causing higher
prices for necessities. This could prompt consumer-spending changes,
potentially reducing discretionary expenses. Industries producing essential
goods may face challenges due to higher input costs, affecting profit margins
and competitiveness. The social impact is significant, particularly among
lower-income groups, raising welfare concerns. While higher GST rates could
boost government revenue, they may also affect vulnerable populations.
Businesses must adapt quickly to changes in GST rates, affecting tax compliance
procedures and business operations. The impact depends on the economic context
and government policies.
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Pages:21-23
How to cite this article:
Kaushik Belpu "Impact of GST on the rise in the GST rate for essential goods". International Journal of Multidisciplinary Research and Development, Vol 12, Issue 12, 2025, Pages 21-23
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